—(1) Notwithstanding anything in any written law, a Singapore company which intends to acquire any estate or interest in any residential property other than non-restricted residential property shall, prior to the vesting of the estate or interest in that residential property in the company, furnish the Controller with a list of its directors and members containing the particulars of their nationality and such other particulars as the Controller may require.

[9/2006]

(2) The Controller may, if he is satisfied that the requirements of subsection (1) are complied with and that the company is a Singapore company, issue to the company a certificate stating that the company may acquire and retain residential properties subject to the provisions of this Act.

[9/2006]

(3) The Controller may at any time require a Singapore company which has been issued a certificate under subsection (2) to produce its register of members and directors for his inspection if the Controller desires to ascertain whether the Singapore company has ceased to be a Singapore company.

[9/2006]

(4) The Controller may at any time cancel a certificate issued under subsection (2) if he is satisfied that —

(a)

in the case of a Singapore company which does not own any residential property that is not non-restricted residential property, the Singapore company has become a foreign company without obtaining the prior written approval of the Controller under section 14; or

(b)

in the case of a Singapore company which owns any residential property that is not non-restricted residential property, the Singapore company has become a converted foreign company without obtaining the prior written approval of the Controller under section 26.

[9/2006]

[35/2010 wef 17/01/2011]

(5) The Controller shall, upon the application by any Singapore company which is a holder of a certificate issued by the Controller under subsection (2), cancel the certificate if the Controller is satisfied that the Singapore company does not own any residential property that is not non-restricted residential property.

[9/2006]

(6) Any Singapore company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.